At Sandhu & Sran Mortgages, we have years of experience in getting bank rejected loans approved from private lenders. Our short-term construction mortgage in Surrey is the right fit for eligible property owners who want to build a new home or renovate an existing one. We specialize in various types of construction financing, including:
In a completion mortgage, a borrower doesn’t need to pay any repayment to the lender until the construction of a property is complete. Repayments are only scheduled once the borrower has the access to finished property.
Compared to a construction mortgage where the borrower receives the amount in full before the start of the construction phase, a draw mortgage gives access to the amount in increments. These increments are received throughout the building process, in a manner that:
- First increment is received when 15% of the building phase is completed
- Second increment is received when 40% of the building phase is completed
- Third increment is received when 65% of the building phase is completed
- Fourth increment is received when 85% of the building phase is completed
To get your Surrey construction mortgage approved, talk to our expert brokers today.